游戏Ⅱ行业点评报告：“十五五”规划定调，看好游戏出海

Investment Rating - The industry investment rating is "Accumulate" (maintained) [1] Core Insights - The "14th Five-Year Plan" emphasizes the healthy development of the gaming industry, marking a shift from strict regulation to a more supportive policy environment, which is expected to lead to a new phase of predictable growth [5] - The report highlights the government's comprehensive support for the gaming industry, including initiatives to promote consumption and innovation, as well as local policies that provide substantial backing for the industry [5] - The outlook for the gaming sector remains positive, with expectations of continued growth in high-quality games and overseas expansion, projecting a favorable market environment through 2026 [5] Summary by Sections - Policy Environment: The "14th Five-Year Plan" mentions the gaming industry twice, indicating a shift towards guiding and regulating for healthy development, contrasting with the previous focus on strict control [5] - Government Support: Various national and local policies are in place to support the gaming industry, including consumption promotion and innovation initiatives, with significant backing from multiple government departments [5] - Market Performance: The domestic gaming market is projected to reach 350.8 billion yuan in actual sales revenue in 2025, with a year-on-year growth of 8%, and the number of players expected to reach 680 million [5] - Overseas Revenue: Self-developed games are anticipated to generate 20.5 billion USD in overseas revenue, reflecting a year-on-year growth of 10%, driven by the success of mid-to-lightweight games and localized marketing strategies [5] - New Game Releases: The report notes a strong performance from A-share gaming companies, with several new games exceeding expectations, indicating a trend towards long-term operational categories and a focus on quality and cultural export [5]